Income Tax on Pension
Understand How Your Pension is Taxed
Hindi: Pension पर भी income tax लगता है। यह depend करता है कि आप किस प्रकार की pension प्राप्त कर रहे हैं। सही जानकारी से आप tax planning कर सकते हैं।
📌 Types of Pension
✔ Superannuation Pension: Employer funded; may have partial exemption
✔ Government Pension: Fully taxable under Income Tax Act
✔ Private Pension/Annuity: Taxable based on receipt and applicable exemptions
✔ Family Pension: Exemption up to ₹15,000 per annum under section 10(10A)
💰 Tax Exemptions on Pension
✔ Commuted Pension – fully exempt if Government employee; partial exemption for non-govt employees
✔ Family Pension – exempt up to ₹15,000 per annum
✔ Contributions made under approved superannuation schemes may be tax-exempt
📈 How Pension Tax is Calculated
1️⃣ Add pension received to other income sources.
2️⃣ Deduct exempt portions (commuted pension, family pension limit).
3️⃣ Apply applicable income tax slab rates.
4️⃣ Tax payable = Total taxable pension × applicable slab rate.
📊 Example
Mr. Sharma receives ₹5,00,000/year pension:
- Family pension exemption: ₹15,000
- Commuted pension exemption: ₹1,00,000
- Taxable pension = 5,00,000 – 1,00,000 – 15,000 = ₹3,85,000
- Income tax payable = according to slab rates